Anand Rathi Shares & Stock Brokers reported a mixed Q3 performance, with strong momentum in trading and margin funding, while distribution income moderated after a strong previous quarter. Revenue Drivers Broking revenue: ₹128.6 crore, up 11% QoQ (vs 4% in Q2), indicating improving market activity MTF interest income: ₹43.8 crore, up 20% QoQ (vs 30% in Q2), showing sustained leverage demand Other income: ₹50.6 crore, up 17% QoQ (vs 6% in Q2), supporting overall revenue stability Distribution income: ₹25.06 crore, down 21% QoQ after 50% growth in Q2, reflecting slower MF/wealth traction Business Metrics Assets Under Custody (AUC): ₹1.06 lakh crore, up 7% QoQ (vs 9% in Q2) AUM: ₹8,368.8 crore, up 8.2% QoQ (vs 3% in Q2) MTF book: ₹1,231.7 crore, up 13.6% QoQ (vs 26% in Q2) Active clients: 1.59 lakh, up 5.3% QoQ (vs 7% in Q2) What stands out Trading and MTF continue to be the key growth engines Distribution slowdown suggests near-term moderation in wealth product flows Client base and assets continue to expand, albeit at a slightly slower pace Investor takeaway Anand Rathi Shares delivered solid Q3 performance driven by trading and margin funding. Sustainability of MTF growth and a recovery in distribution income will be key drivers for earnings momentum going forward. If you found this post helpful, do follow me for more such insights!

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